Real Money

We therefore believe that the incumbent Board needs to be replaced. Wholesale. As stockholders, let's put in place a Board that has a mandate to refocus on Montana, to hire a chief executive who will reside in and focus on Montana, and who will cut costs, increase production, aim to generate returns for stockholders and be paid well only when he or she does well for investors.

To support our efforts, please return the GREEN proxy card that is enclosed herewith. For more information, and regular updates, on our campaign to improve Stillwater, please visit www.TapStillwater.com.

If you have any questions or require any assistance in delivering your proxy, please contact Okapi Partners LLC at 437 Madison Avenue, 28th Floor, New York, New York 10022 or (212) 297-0720 or Toll-Free (855) 305-0857.

Thank you for your consideration,

Gregory P. Taxin Managing Director

Footnotes:

[1] We note that his mailing address (for his Nevada property tax bill and for his Nevada voter registration) is not a Montana address either. Rather, Mr. McAllister receives mail at his wife's 7500 square foot house in Salt Lake City, where we suspect Mr. McAllister spends some time also.

[2] The Company would have stockholders focus on its modest growth in cash costs from 2008 to 2012 and says that the annualized growth rate is a mere 5% during that period. But cash costs were extremely high in 2008, so the Board is using the Company's poor 2008 performance as a favorable comparison to its current costs. Through 2012, cash costs have grown annually more substantially if measured against the cash costs in any year other than 2008: 2006 (9%), 2007 (8%), 2009 (10%), 2010 (10%) and 2011 (15%).